On July 22, 1976, the National Bank of Yugoslavia and The World Bank signed an agreement whereby the National Bank of Yugoslavia will lend to The World Bank $100 Million. The borrowing will be represented by Notes bearing an interest rate of 8.10% per annum, payable semi-annually. The Notes will be rep aid in five installments of $20 Million each on July 28 in each of the years 1980 through 1984. The borrowing by The World Bank is the second from the National Bank of Yugoslavia, the first for $50 Million having been made in 1975.
Mr. Robert S. McNamara, President of The World Bank, expressed his particular appreciation for the support of The World Bank's objectives and its operations to the Yugoslavian authorities.
The proceeds of the issue will be used in the general operations of the Bank.